BM Solutions Product Transfer rates from 1.77%
BM Solutions mortgage product transfer rates
BM Solutions Buy to Let product transfer rates – 2 year fixed
- 1.77% Fixed until 31st July 2023 £999 product fee (can be added)
- 2.24% Fixed until 31st July 2023 no product fee
BM Solutions Buy to Let product transfer rates – 5 year fixed
- 1.88% Fixed until 31st July 2026 £999 product fee (can be added)
- 2.24% Fixed until 31st July 2026 no product fee
Birmingham Midshires buy to let existing customers need to arrange a product transfer through specialist brokers like ourselves. The good news is that we can arrange a BM Product Transfer for you swiftly, easily, and free of charge.
Even better, we assist you without meetings, and without paperwork.
What our Clients say...
Birmingham Midshires buy to let existing customers (lending 60% -75% loan to value)
BM Solutions Buy to Let product transfer rates – 2 year fixed (60%-75% LTV)
- 2.18% Fixed until 31st July 2023 £999 product fee (can be added)
- 2.62% Fixed until 31st July 2023 no product fee
BM Solutions Buy to Let product transfer rates – 5 year fixed (60%-75% LTV)
- 2.21% Fixed until 31st July 2026 £999 product fee (can be added)
- 2.62% Fixed until 31st July 2026 no product fee
How our Birmingham Midshires buy to let existing customers mortgage Product Transfer Service works
- Birmingham Midshires buy to let existing customer?
- Looking to request a Product Transfer?
- Make one simple phone call to 020 8783 9951
- Prefer to work online? click here
The cost of inaction
As a Birmingham Midshires buy to let existing customer you will need assistance when your current buy to let rate ends to avoid moving onto the BM Solutions revert rate of 4.44%.
If you have borrowings of just £150,000 you are wasting up to £142 a month by not moving off of the BM revert rate.
That’s like paying for a Gas Safety Certificate every month.
How it works
We need the following information to arrange your BM Solution Buy to Let mortgage product transfer.
- Your mortgage account number (11 digits starts with a 2)
- The full postal address of the buy to let property
- Your full name(s) and contacts details
- Your home address
- Your date of birth
Once we have the above we can check with the lender your outstanding mortgage balance, lenders estimate of your property value and your product transfer options.
You can then decide your preference.
We then request the new rate from the BM on your behalf and you have a single Authority Form to sign.
That’s it.
BM Solutions product transfers and early repayment charges
- We can secure a new BM Solutions product transfer rate for you within 90 days of the expiry date of your current product
- We can start the new BM Solutions product transfer rate for you within 60 days of expiry of the current product -without incurring an early redemption charge
- Should you wish to pay off a lump sum you can pay off up to 10% of your mortgage anniversary balance each year without penalty
- If you wish to pay off more than this amount we can arrange for you to pay up to 40% of your anniversary balance in conjunction with a product transfer
Example
Balance on last anniversary of taking the mortgage £285,000
Current balance £285,000
Current product ends 31/03/2021
Early redemption charge 3%
We can secure a new rate from 4th January 2021 to start from 1st February 2021
Ordinarily, you can overpay £28,500 without charges (anything above that is charged at £30 per £1,000)
However, as part of the product transfer process you can overpay by up to £114,000 (40%) without charge
Today’s Birmingham Midshires existing customer Let to Buy Product Transfer Rates
Applicable if you Let the property previously in order to purchase another
BM Solutions Let to Buy product transfer rates – 2 year fixed
- 1.77% Fixed until 30th April 2023 £999 product fee (can be added)
- 2.24% Fixed until 30th April 2023 no product fee
BM Solutions Let to Buy product transfer rates – 5 year fixed
- 1.88% Fixed until 30th April 2026 £999 product fee (can be added)
- 2.24% Fixed until 30th April 2026 no product fee
BM Solutions Buy to Let and Product Transfer Early redemption penalties
Two year fixed rates
- Year 1 – 2% early redemption penalty
- Year 2 – 1% early redemption penalty
10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract
Five year fixed rates
- Year 1 – 5% early redemption penalty
- Year 2 – 4% early redemption penalty
- Year 3 – 3% early redemption penalty
- Year 4 – 2% early redemption penalty
- Year 5 – 1% early redemption penalty
10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract
BM Solutions Let to Buy Purchase and Remortgage Early redemption penalties
Two year fixed rates
- Year 1 – 2% early redemption penalty
- Year 2 – 1% early redemption penalty
Five year fixed rates
- Year 1 – 5% early redemption penalty
- Year 2 – 4% early redemption penalty
- Year 3 – 3% early redemption penalty
- Year 4 – 2% early redemption penalty
- Year 5 – 1% early redemption penalty
10% over payment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract
How do BM Solutions product transfer rates compare?
The rates available from Birmingham Midshires on product transfer are competitive, but they may be more favourable rates available elsewhere on the market.
Being whole of market brokers we can, if requested, run a comparison for you so that you can ensure you get the best deal possible.
Remember, if you decide to move to a new lender rather than taking a product transfer you will need to:
- Pass a credit score with the new lender
- Have the property valued
- Prove your rental income*
- Prove bank statements (with most lenders)
- Prove your earned income (with most lenders)
- Cover legal costs (although some lenders will pay these for you)
*Recent changes to rental calculations across the buy to let mortgage may mean that under current circumstances your rental income may not be sufficient to support your existing lending. This may stop you raising funding from a new lender, but does not affect your ability to request a product transfer
BM Solutions Further Advances
What if I want to raise additional funds?
Should you wish to raise extra funding against your property we can help you with this.
Further Advances are available from BM Solutions today at a rate of 2.16% with no product fee.
That extra funding can be raised in one of three ways.
- Via Birmingham Midshires – Further Advance
- From a second lender – Second Charge Lending
- From a new Lender – Through a full re-mortgage
We can help you decide the best options available to you and handle everything.
Remember, we are an online independent mortgage broker which means no meetings and no paperwork.
Mortgage Product Transfer with another Lender? – click below
- Accord Mortgages Product Transfers for Existing Borrowers from 1.21%
- Aldermore Mortgage Customers Loyalty Rates from 2.98%
- Barclays mortgage rates for existing customers 1.22%
- Coventry Building Society new mortgage deals from 1.29%
- Halifax product transfer rates from 1.20% – existing customers only
- Kensington Mortgages switching mortgage product
- Kent Reliance Mortgage Product Transfer rates from 3.37%
- Nat West Mortgage switch deal from 1.24%
- Nationwide existing customers rate switch from 1.09%
- Paragon Bank Mortgage Product Switch Service
- Scottish Widows Bank Mortgage Product Transfer rate from 1.30%
- Skipton Mortgage Customer Switching Products from 1.63%
- Tesco Bank Mortgage Product Transfer rates from 1.18%
- The Mortgage Works | mortgage product switches for existing TMW buy to let borrowers
- The Mortgage Works | Product Switches for TMW residential borrowers
- Virgin Money mortgages – new deals from 1.49% – existing customers only